Summary
Air Products & Chemicals, Inc. (APD) announced significant leadership changes within its finance department. Effective May 20, 2002, John R. Owings will assume the role of Vice President and Chief Financial Officer (CFO), succeeding Leo J. Daley, who is slated for retirement in the summer of 2002 after a 23-year tenure. Mr. Owings brings extensive financial and operational experience from his previous role as senior vice president and director of finance for Motorola's Personal Communications Sector, a substantial business unit. Additionally, Marshall Sullivan has been appointed Vice President and Corporate Treasurer, a role he will now hold in conjunction with his previous responsibilities as corporate treasurer since 1998. These appointments signal a transition in financial leadership for Air Products as it navigates its business operations. Investors should note the introduction of new executive talent with a strong background from a major technology firm, potentially bringing fresh perspectives to APD's financial strategy.
Key Highlights
- 1John R. Owings appointed Vice President and Chief Financial Officer (CFO), effective May 20, 2002.
- 2Current CFO, Leo J. Daley, to retire in summer 2002 after 23 years with the company.
- 3John R. Owings joins from Motorola, Inc., where he held senior finance positions, including in the Personal Communications Sector (2001 sales of $10.4 billion).
- 4Mr. Owings' responsibilities will encompass treasury, investor relations, controllership, and audit.
- 5Marshall Sullivan appointed Vice President and Corporate Treasurer.
- 6Mr. Sullivan has served as corporate treasurer since 1998 and has been with Air Products since 1971.
- 7The announcement was made via a Form 8-K filing on April 23, 2002.